Seagate Technology Holdings plc reported significant financial performance for the quarter ending March 28, 2025, with revenues reaching $2.16 billion, a 30% increase from $1.66 billion in the same quarter of the previous year. For the nine months ending March 28, 2025, revenue totaled $6.65 billion, up from $4.66 billion year-over-year. The company achieved a net income of $340 million for the quarter, compared to a modest $25 million in the prior year, resulting in a basic earnings per share of $1.60, up from $0.12. The gross margin for the quarter was reported at 35.2%, reflecting a notable improvement from 26% in the same quarter last year.
In terms of operational changes, Seagate experienced a decrease in cash and cash equivalents, which fell to $814 million from $1.36 billion at the end of the previous fiscal year. The company also reduced its total liabilities to $8.39 billion from $9.23 billion, primarily through debt repayments and restructuring efforts. Notably, Seagate repaid $536 million in debt during the quarter, including the full repayment of its 2025 Notes. The company’s total shareholders’ deficit improved to $829 million from $1.49 billion, indicating a positive shift in financial health.
Strategically, Seagate completed the acquisition of Intevac, Inc. for approximately $118 million, aimed at enhancing its manufacturing capabilities. The company also declared a quarterly cash dividend of $0.72 per share, payable on July 8, 2025, reflecting its commitment to returning value to shareholders. Seagate's operational metrics showed a shipment of 144 exabytes of HDD storage capacity during the quarter, with a strong demand for high-capacity nearline drives, particularly from cloud customers.
Looking ahead, Seagate anticipates continued growth driven by increasing data demand, particularly in the context of emerging technologies such as Generative AI. However, the company acknowledged challenges related to supply constraints and macroeconomic conditions, including geopolitical tensions and trade policy shifts. Seagate remains focused on monitoring these factors and adapting its strategies to mitigate potential risks while capitalizing on market opportunities.
About Seagate Technology Holdings plc
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